Author: roymorgansocial

QBE chief out as investors revolt

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Original article by Michael Roddan
The Australian – Page: 19 & 22 : 13-Sep-17

QBE Insurance Group has advised that Pat Regan will succeed CEO John Neal in January 2018. Neal’s resignation after five years in the role follows a 25 per cent fall in the general insurer’s share price since it revealed another earnings downgrade in June. QBE has announced a total of eight such downgrades since he took the helm. Shares in QBE closed 2.5 per cent higher at $A10.50 on 12 September.

CORPORATES
QBE INSURANCE GROUP LIMITED – ASX QBE, VELOCITY TRADE LIMITED, INSURANCE COUNCIL OF AUSTRALIA LIMITED, AVIVA PLC

ANZ-Roy Morgan Consumer Confidence slips 3.8% to 109.8 on Wage Concerns

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 13-Sep-17

ANZ-Roy Morgan Australian Consumer Confidence fell 3.8% to 109.8 in the week ended 10 September 2017, largely offsetting the gains over the previous two weeks. The weakness was broadly based, with a sizeable decline in households’ perceptions of the economic outlook driving the deterioration in sentiment. After two consecutive weeks of improvement, consumers’ views towards current and future economic conditions dipped, down 8.1% and 7.2% respectively. The average of these two measures is at its lowest level in 16 weeks. Households’ views towards current financial conditions slipped 0.3%. Partially offsetting this weakness, sentiment around future financial conditions rose a solid 3.7%. Looking through the weekly volatility, confidence in overall financial conditions has remained broadly unchanged over the past two months, hovering around its long-term average.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

PM’s new baseload plan

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Original article by Phillip Coorey, Ben Potter
The Australian Financial Review – Page: 1 & 4 : 13-Sep-17

The Federal Government has advised that its energy policy will have a focus on affordable and reliable baseload electric power generation, rather than a clean energy target. Prime Minister Malcolm Turnbull has indicated that Australia could meet its 2030 emissions reductions targets while retaining coal as part of the energy mix. He also says AGL Energy’s plan to replace the 1,000 megawatts of baseload generation of its Liddell power station cannot include renewable energy, arguing that they are not baseload. AGL has been given 90 days to develop a plan to replace the ageing power station’s output.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AGL ENERGY LIMITED – ASX AGL, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY

Deal to bring on media reform

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Original article by Rosie Lewis
The Australian – Page: 1 & 8 : 13-Sep-17

Communications Minister Mitch Fifield has secured an agreement with the Nick Xenophon Team to support the Federal Government’s cross-media ownership reforms. The compromise deal includes measures aimed at ensuring media diversity, such as an innovation fund that will provide financial support for independent and regional news outlets. The Australian divisions of overseas-based media companies are not expected to be eligible for such funding. The reforms will require the support of the majority of Senate crossbenchers.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN CONSERVATIVES, LIBERAL DEMOCRATIC PARTY, THE GUARDIAN AUSTRALIA, CRIKEY.COM.AU

‘Union-basher’ bill under fire

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Original article by James Massola
The Sydney Morning Herald – Page: 6 : 13-Sep-17

ACTU secretary Sally McManus says the union movement will lobby Senate crossbenchers to vote against legislation aimed at cracking down on unions. Amongst other things, the Federal Government wants to subject union mergers to a public interest test and make it easier to deregister a union. McManus has described the reforms as an "attack on democracy", and she warns that they may breach the International Labour Organization’s convention regarding the right to organise and freedom of association.

CORPORATES
ACTU, INTERNATIONAL LABOUR ORGANIZATION, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

World builds coal plants faster than they shut

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Original article by Simon Benson
The Australian – Page: 1 & 7 : 13-Sep-17

Analysis by the federal parliamentary library shows that 621 new coal-fired power generation units are under construction worldwide, including 299 in China. Countries with nuclear power generation, such as Japan, are also building new coal-fired power plants. National Party senator John Williams argues that transitioning to renewable energy in Australia will have no impact on global greenhouse gas emissions, as the new coal-fired power plants under construction overseas will generate more emissions than the nation as a whole.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF PARLIAMENTARY SERVICES. PARLIAMENTARY LIBRARY, THE AUSTRALIA INSTITUTE LIMITED, INTERNATIONAL ENERGY AGENCY

Calombaris to reimburse underpaid staff within weeks

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Original article by Cameron Houston, Chris Vedelago
The Age – Page: 11 : 13-Sep-17

Made Establishment, which is part-owned by celebrity chef George Calombaris, has advised former staff that it will provide them with all outstanding backpay by 13 October. The hospitality group had previously advised that ex-employees who had been underpaid would not be reimbursed until mid-2018, after it failed to meet a deadline of 30 June 2017. Made Establishment has already paid current staff some $A2.6m in backpay.

CORPORATES
MADE ESTABLISHMENT PTY LTD, AUSTRALIA. FAIR WORK OMBUDSMAN

Resurgent miners see tighter labour market

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Original article by Paul Garvey
The Australian – Page: 21 : 13-Sep-17

The number of mining-related job vacancies in Australia is almost 40 per cent higher than 12 months ago, according to new data from DFP Recruitment Services. Job vacancies for engineers have risen by 78.5 per cent in the last year, after a sharp slump in demand for such professionals following the mining industry downturn. Meanwhile, job vacancies in Western Australia’s iron ore sector have risen by 57 per cent. Mining executives note that some staff are being poached, particularly those with specialists skills.

CORPORATES
DFP RECRUITMENT SERVICES PTY LTD, RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, INDEPENDENCE GROUP NL – ASX IGO, SOUTH32 LIMITED – ASX S32, BIS INDUSTRIES LIMITED

Evolution mulls offers for Edna May gold mine

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Original article by Tess Ingram
The Australian Financial Review – Page: 17 : 13-Sep-17

Evolution Mining has advised that it has received several offers from prospective buyers of the Edna May gold mine in Western Australia. Minjar Gold, which bought Evolution’s Pajingo mine in 2016, is believed to be among the companies to have expressed interest in Edna May. The mine had significantly lower EBITDA than Evolution’s two major mines in 2016-17, while its output for the financial year was 70,188 ounces.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, MINJAR GOLD PTY LTD, NORTHERN STAR RESOURCES LIMITED – ASX NST, WESTGOLD RESOURCES LIMITED, KIDMAN RESOURCES LIMITED – ASX KDR, SOCIEDAD QUIMICA Y MINERA SA, HANKING GOLD MINING PTY LTD, ARGONAUT SECURITIES PTY LTD, CITIGROUP PTY LTD, RBC CAPITAL MARKETS

Ten admins acted illegally, court told

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Original article by Darren Davidson
The Australian – Page: 19 & 26 : 13-Sep-17

The legality of KordaMentha’s decision to endorse CBS Corporation’s acquisition of Ten Network rather than the offer of Lachlan Murdoch and Bruce Gordon has been questioned in court. Lawyers acting for Gordon argued that it is up to Ten’s creditors and their advisers to assess the merits of competing bids and chose the best one, rather than the administrator. Meanwhile, KordaMentha has released a supplementary report to creditors in response to claims by Gordon that its first report lacked sufficient detail.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, BIRKETU PTY LTD, ILLYRIA PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, NEWS CORPORATION – ASX NWS, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, ONE NATION PARTY, SUPREME COURT OF NEW SOUTH WALES